Marine Switchboard Market Report: Trends, Forecast and Competitive Analysis to 2030

Marine Switchboard Trends and Forecast

The future of the global marine switchboard market looks promising with opportunities in the recreational & boat, merchant marine, naval vessel, cruise/passenger ship, fishing vessel, and submarine markets. The global marine switchboard market is expected to reach an estimated $2.5 billion by 2030 with a CAGR of 5.1% from 2024 to 2030. The major drivers for this market are increasing demand for modern and efficient ships, rapid growth in maritime trades, and continous expansion of shipbuilding sector.

A more than 150-page report is developed to help in your business decisions.

Marine Switchboard by Segment

The study includes a forecast for the global marine switchboard by product type, cabinet, end use, and region.

Marine Switchboard Market by Product Type [Shipment Analysis by Value from 2018 to 2030]:

• Low Voltage Marine Switchboards
• High Voltage Marine Switchboards

Marine Switchboard Market by Cabinet [Shipment Analysis by Value from 2018 to 2030]:

• Power and Lighting Distribution Boards
• Individual and Group Starters
• Electrical Testing Panel
• Shore Connection Box
• Battery Charging & Discharging Panels
• Others

Marine Switchboard Market by End Use [Shipment Analysis by Value from 2018 to 2030]:

• Recreational & Boats
• Merchant Marine
• Naval Vessels
• Cruise/Passenger Ships
• Fishing Vessels
• Submarines
• Others

Marine Switchboard Market by Region [Shipment Analysis by Value from 2018 to 2030]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

List of Marine Switchboard Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies marine switchboard companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the marine switchboard companies profiled in this report include-

• Larsen & Toubro
• Kongsberg Maritime
• Industrial Electric
• Lake Shore Electric
• ELCOME
• Schneider Electric
• Hyundai Electric & Energy Systems

Marine Switchboard Market Insights

Lucintel forecasts that low voltage will remain the larger segment due to its widespread use in power distribution to the majority of electrical components on ships.

Within this market, recreational & boat is expected to witness highest growth over the forecast period.

APAC will remain the largest region due to significant growth of the shipping industry and presence of major shipbuilding yards in the region.

Features of the Global Marine Switchboard Market

Market Size Estimates: Marine switchboard market size estimation in terms of value ($B).

Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.

Segmentation Analysis: Marine switchboard market size by product type, cabinet, end use, and region in terms of value ($B).

Regional Analysis: Marine switchboard market breakdown by North America, Europe, Asia Pacific, and Rest of the World.

Growth Opportunities: Analysis of growth opportunities in different product types, cabinets, end uses, and regions for the marine switchboard market.

Strategic Analysis: This includes M&A, new product development, and competitive landscape of the marine switchboard market.

Analysis of competitive intensity of the industry based on Porter's Five Forces model.

FAQ

Q.1 What is the marine switchboard market size?

Answer: The global marine switchboard market is expected to reach an estimated $2.5 billion by 2030.

Q.2 What is the growth forecast for marine switchboard market?

Answer: The global marine switchboard market is expected to grow with a CAGR of 5.1% from 2024 to 2030.

Q.3 What are the major drivers influencing the growth of the marine switchboard market?

Answer: The major drivers for this market are increasing demand for modern and efficient ships, rapid growth in maritime trades, and continous expansion of shipbuilding sector.

Q4. What are the major segments for marine switchboard market?

Answer: The future of the marine switchboard market looks promising with opportunities in the recreational & boat, merchant marine, naval vessel, cruise/passenger ship, fishing vessel, and submarine markets.

Q5. Who are the key marine switchboard market companies?

Answer: Some of the key marine switchboard companies are as follows:

• Larsen & Toubro
• Kongsberg Maritime
• Industrial Electric
• Lake Shore Electric
• ELCOME
• Schneider Electric
• Hyundai Electric & Energy Systems

Q6. Which marine switchboard market segment will be the largest in future?

Answer: Lucintel forecasts that low voltage will remain the larger segment due to its widespread use in power distribution to the majority of electrical components on ships.

Q7. In marine switchboard market, which region is expected to be the largest in next 5 years?

Answer: APAC will remain the largest region due to significant growth of the shipping industry and presence of major shipbuilding yards in the region.

Q.8 Do we receive customization in this report?

Answer: Yes, Lucintel provides 10% customization without any additional cost.

This report answers following 11 key questions:

• Q.1. What are some of the most promising, high-growth opportunities for the marine switchboard market by product type (low voltage marine switchboards and high voltage marine switchboards), cabinet (power and lighting distribution boards, individual and group starters, electrical testing panel, shore connection box, battery charging & discharging panels, and others), end use (recreational & boats, merchant marine, naval vessels, cruise/passenger ships, fishing vessels, submarines, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
• Q.2. Which segments will grow at a faster pace and why?
• Q.3. Which region will grow at a faster pace and why?
• Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
• Q.5. What are the business risks and competitive threats in this market?
• Q.6. What are the emerging trends in this market and the reasons behind them?
• Q.7. What are some of the changing demands of customers in the market?
• Q.8. What are the new developments in the market? Which companies are leading these developments?
• Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
• Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
• Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?